It's not a defect in that I believe that this is "working as intended", but more an expectation on my part that turned out to be false.
When we assign a block of IPs to a customer, we put the name of the customer into the Description of the subnet. So when I was looking something up, I used the IP Address Search tool, and couldn't find anything. I finally realized that the tool was only searching IP Addresses, not sub/supernets. It would make more sense to have access to search the subnets and supernets as well - not necessarily when searching an IP address, but when searching things like Description, or Location. Speaking of which, I can't search on Location, only System Location.
I don't consider this game breaking, but it is a big concern.
Justin